The Central Bank of Nigeria was accused by Dr. Lamido Sanusi, the former governor, of producing money carelessly, which caused the value of the naira to decline, according to a Vanguard story. He attributed the CBN’s indifference to advise and the acquiescence of those who gain from the exchange rate as the reasons for the bad economic management. He gave the example of a young man who bought dollars at the official cheap rate and sold them on the underground market, turning him into an immensely wealthy man. CONTINUE FULL READING>>>>>
He said, “In the last eight years, the Central Bank continued to print more money, and the naira continued to depreciate. There is too much naira in circulation because the CBN is printing the currency without restraint. The economy was poorly managed, and they are not willing to take advice; in the last eight years, apart from sycophancy, nothing has been done; those sycophants are those buying the dollar at the rate of N400 and selling it at the rate of N600 to N700.
A boy who has no record of service has a private jet and owns houses in Dubai and England just because he is buying dollars at a low rate and selling them.” CONTINUE FULL READING>>>>>
